Bitcoins show result for Digital CC

Perth company Digital CC has revealed its first sales results for investment in the virtual bitcoin industry with revenue reaching $US2.1 million to the end of June 2014.

During the quarter, Digital CC became the world’s first bitcoin-focused company to list on a major exchange through its reverse takeover of Macro Energy - previously an oil and gas explorer.

The sales revenue came from Digital CC’s ‘mining’ of bitcoins - a process where the company uses specific hardware to process bitcoin payments through the bitcoin network in return for the issue of new bitcoins.

Digital CC earned 4,000 bitcoins through the process during the quarter, taking its total to 8,600 since being founded by Zhenya Tsvetnenko late last year.

Digital CC has invested $US4 million in specific hardware required to process the bitcoin payments, which the company said had already been recouped.

Mr Tsvetnenko said returns would now go towards bolstering the company’s cash balance.

“Bitcoin mining has offered us exceptional results to date, and is an area we will be looking to build upon in the coming quarters,” he said.

“Bitcoin mining is an integral part of the bitcoin system - without the verification service provided by miners such as ourselves, the whole system would not function.”

Digital CC has also ventured into providing bitcoin liquidity with the volume of business in this area increasing 150 per cent in June.

Mr Tsvetnenko said the bitcoin system had continued to grow from strength to strength - evidenced by Dell becoming the biggest retailer yet to accept bitcoin payments through its website this week.